In yet another week marked by significant volatility, the price of Bitcoin briefly broke above the US$13,000 [AU$18,520] mark before falling sharply once again.
During the July 11th Asian trading session, Bitcoin was trading at $11,400 but just 24 hours later, BTC had lost more than 10% of its price.
The losses for many altcoins were even more pronounced. Ethereum (ETH) lost almost 14%, trading around $270, while EOS and XRP lost even more – 26% and 20% respectively.
Despite Bitcoin’s downturn this week, investors are very positive about its future.
Anthony Pompliano, Co-founder and Partner at Morgan Creek Digital Assets, told Yahoo Finance that there’s plenty of room for Bitcoin growth in the next two years.
“I think by the end of 2021 we’ll see it eclipse $100,000,” he said.
In terms of the next level to watch for, Pompliano believes that $20,000 is the next threshold.
“$20,000 is a big one. It’ll set a new all-time high once it breaks through that… I think it’ll really pull people in… But I don’t think we’re going to go from $12,000 where we are today to $50,000 or $100,000. I do think it’s going to take 6 to 24 months.”
Other factors contributing to Bitcoin’s growth are global instability and increasing levels of institutional interest.
Many investors have begun to see Bitcoin as a hedge instrument against what some experts believe is the coming financial crisis.
For example, on Monday Deutsche Bank, one of the world’s largest banks, announced that it will cut 18,000 jobs and close its investment banking division.
Some believe that it is a sign the traditional financial sector is fading away and that Bitcoin and crypto will somehow step in to fill the void.
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